Ilika (IKA) H1 2025 earnings summary

Executive summary

• Focus on scaling Stereax miniature batteries for medical/industrial IoT and advancing Goliath large-format batteries for automotive/consumer applications, with asset-light licensing and royalty business model.

• Strategic partnerships, notably with Cirtec for Stereax and multiple OEMs for Goliath, underpin commercialization and scale-up.

• Strong ESG commitment with board-level oversight and benchmarking against ISO standards.

Financial highlights

• Half-year turnover was £1.0m, down from £1.3m year-over-year, mainly from grant funding.

• EBITDA loss (excluding share-based payments) was £1.9m, unchanged year-over-year.

• Cash balance at period end was £10.1m, down from £13.2m, supported by a small capital raise in May.

• Goliath commercial income reached £0.1m; Stereax revenue expected to begin in 2025.

• Net loss for the period was £2.2m, compared to £2.6m in H1 2023/24.

Outlook and guidance

• Stereax production at Cirtec to commence in 2025, with initial revenues expected mid-year; early volumes will be low but projected to grow as certification progresses.

• Goliath roadmap targets MVP and larger prototypes (10Ah and 50Ah) over the next 18 months; licensing discussions ongoing.

• No formal forward guidance until production and licensing milestones are achieved.

• Continued pursuit of grant funding and strategic partnerships to support Goliath scale-up.